GOCOP

Wednesday, August 12, 2015

VGN gets N3.98 billion investment from CPCIF

The Venture Garden Nigeria (VGN), a
diversified fintech company with significant operations in Nigeria has obtained
an investment of $20million, about N3.98billion from Convergence Partners
Communications Infrastructure Fund (CPCIF).

ITRealms
gathered that the investment by Convergence Partners targets a strategic,
minority stake in VGN, a company which offers innovative asset rental finance
solutions to businesses and
equipment suppliers.

Addressing stakeholders on
the investment, Tuesday in Lagos, the CEO, Venture Garden Nigeria, Bunmi
Akinyemiju, said that the current solutions are tailored for financial
services, education, aviation, power, downstream oil and gas and
cyber-security.

"We believe that the
fintech space is a catalyst for technology-driven transformation in Africa and
are pleased to have a specialist investor like Convergence Partners on board,
who shares our vision of technology as a key enabler and driver of economic
development, for example in the education sector.

"The culture of
Convergence Partners is one that aligns well with ours and we are confident
that the professionalism, commitment to excellence and fearless approach to
disruptive innovation that we strive for, is what they look for in the teams
they back. With the support of Convergence Partners, we believe we can
accelerate the execution of our strategy, and achieve a wider customer reach,"
Akinyemiju said.

CPCIF, as the largest fund
dedicated solely to ICT infrastructure in Africa, ITRealms reports, is currently deploying
capital to build a portfolio of investments across the ICT spectrum, improving
access to technology as well as broadband services, the VGN boss stated.